The collection target is based on the 2014 medium term revenue program as of Dec. 18 last year, the BIR said.

Income taxes still accounted for the bulk of the BIR’s revenue goal at P855.77 billion or about 58.6 percent of total.

About P325.74 billion will be sourced from value-added tax, 21.27 percent more than last year’s goal of P268.6 billion.

The excise tax collection goal for this year is P124.17 billion, 8.5 percent of the aggregate target.

The BIR is seen to have increased its tax effort to 10.5 percent or a little over its target of 10.6 percent as a result of the sin tax reform law, which imposed higher taxes on tobacco and alcoholic beverages beginning January last year.